Adirondack Trust Co. maintained its stake in Consolidated Edison Inc (NYSE:ED) during the second quarter, according to its most recent disclosure with the SEC. The firm owned 1,823 shares of the utilities provider’s stock at the end of the second quarter. Adirondack Trust Co.’s holdings in Consolidated Edison were worth $147,000 at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. BlackRock Inc. boosted its stake in Consolidated Edison by 1,771.1% in the first quarter. BlackRock Inc. now owns 24,104,499 shares of the utilities provider’s stock worth $1,871,955,000 after buying an additional 22,816,233 shares during the period. Bank of New York Mellon Corp boosted its stake in Consolidated Edison by 34.1% in the first quarter. Bank of New York Mellon Corp now owns 3,478,494 shares of the utilities provider’s stock worth $270,138,000 after buying an additional 884,788 shares during the period. Vanguard Group Inc. boosted its stake in Consolidated Edison by 3.5% in the first quarter. Vanguard Group Inc. now owns 21,304,464 shares of the utilities provider’s stock worth $1,654,504,000 after buying an additional 725,857 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Consolidated Edison by 145.9% in the first quarter. Renaissance Technologies LLC now owns 1,178,300 shares of the utilities provider’s stock valued at $91,507,000 after buying an additional 699,200 shares during the last quarter. Finally, Morgan Stanley boosted its stake in shares of Consolidated Edison by 28.0% in the first quarter. Morgan Stanley now owns 2,971,665 shares of the utilities provider’s stock valued at $230,778,000 after buying an additional 649,615 shares during the last quarter. Institutional investors and hedge funds own 55.61% of the company’s stock.
Consolidated Edison Inc (NYSE:ED) opened at 82.87 on Friday. The stock has a 50 day moving average price of $82.01 and a 200 day moving average price of $79.28. The firm has a market cap of $25.33 billion, a price-to-earnings ratio of 20.05 and a beta of 0.08. Consolidated Edison Inc has a 52 week low of $68.76 and a 52 week high of $85.13.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing the Zacks’ consensus estimate of $0.61 by $0.03. The business had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same period in the prior year, the firm earned $0.60 EPS. Equities research analysts expect that Consolidated Edison Inc will post $4.09 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date of this dividend is Monday, August 14th. Consolidated Edison’s dividend payout ratio is currently 66.67%.
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ED has been the subject of several research reports. Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 price target for the company in a research report on Thursday, May 18th. Deutsche Bank AG cut Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 price target for the company. in a research report on Monday, May 8th. Barclays PLC reiterated an “equal weight” rating and set a $82.00 price target (up from $76.00) on shares of Consolidated Edison in a research report on Sunday, April 23rd. BMO Capital Markets reiterated a “hold” rating and set a $80.00 price target on shares of Consolidated Edison in a research report on Monday, May 15th. Finally, Morgan Stanley boosted their price target on Consolidated Edison from $77.00 to $78.00 and gave the stock an “underweight” rating in a research report on Monday, May 8th. Five investment analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $76.96.
In other Consolidated Edison news, Director Linda S. Sanford acquired 900 shares of the stock in a transaction dated Wednesday, May 17th. The stock was acquired at an average price of $79.74 per share, with a total value of $71,766.00. Following the completion of the transaction, the director now directly owns 8,748 shares in the company, valued at $697,565.52. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last ninety days, insiders bought 1,319 shares of company stock valued at $106,510. Company insiders own 0.20% of the company’s stock.
Consolidated Edison Company Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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